1ST Source Bank Sells 3,102 Shares of Norfolk Southern Co. (NYSE:NSC)

1ST Source Bank decreased its stake in shares of Norfolk Southern Co. (NYSE:NSC) by 9.8% during the third quarter, HoldingsChannel reports. The firm owned 28,696 shares of the railroad operator’s stock after selling 3,102 shares during the quarter. 1ST Source Bank’s holdings in Norfolk Southern were worth $7,131,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Highline Wealth Partners LLC purchased a new stake in shares of Norfolk Southern in the 3rd quarter worth about $25,000. 1620 Investment Advisors Inc. purchased a new stake in Norfolk Southern in the second quarter worth about $27,000. Morse Asset Management Inc bought a new position in shares of Norfolk Southern during the third quarter valued at approximately $30,000. Financial Connections Group Inc. bought a new stake in shares of Norfolk Southern in the 2nd quarter worth approximately $31,000. Finally, HWG Holdings LP purchased a new stake in shares of Norfolk Southern in the 2nd quarter worth approximately $31,000. Hedge funds and other institutional investors own 75.10% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have issued reports on the company. Loop Capital lifted their price objective on Norfolk Southern from $285.00 to $287.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. Barclays lifted their price target on Norfolk Southern from $290.00 to $305.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 13th. Wells Fargo & Company increased their price objective on shares of Norfolk Southern from $270.00 to $280.00 and gave the company an “overweight” rating in a research report on Wednesday, October 23rd. Susquehanna lifted their target price on shares of Norfolk Southern from $280.00 to $285.00 and gave the stock a “neutral” rating in a report on Wednesday, October 23rd. Finally, UBS Group upped their target price on shares of Norfolk Southern from $289.00 to $309.00 and gave the stock a “buy” rating in a research note on Wednesday, October 23rd. One analyst has rated the stock with a sell rating, five have given a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat, Norfolk Southern presently has an average rating of “Moderate Buy” and a consensus price target of $275.68.

Norfolk Southern Stock Performance

NSC stock traded down $0.09 during trading on Friday, reaching $248.22. The stock had a trading volume of 128,687 shares, compared to its average volume of 1,241,427. The firm has a market cap of $56.16 billion, a PE ratio of 23.23, a PEG ratio of 2.35 and a beta of 1.31. The company has a current ratio of 0.73, a quick ratio of 0.65 and a debt-to-equity ratio of 1.21. The stock’s 50 day moving average is $259.19 and its two-hundred day moving average is $243.36. Norfolk Southern Co. has a 52 week low of $206.71 and a 52 week high of $277.60.

Norfolk Southern (NYSE:NSC) last announced its earnings results on Tuesday, October 22nd. The railroad operator reported $3.25 EPS for the quarter, beating analysts’ consensus estimates of $3.11 by $0.14. The business had revenue of $3.10 billion during the quarter, compared to analysts’ expectations of $3.08 billion. Norfolk Southern had a net margin of 19.85% and a return on equity of 20.25%. The firm’s revenue was up 3.3% on a year-over-year basis. During the same period in the prior year, the company earned $2.65 earnings per share. As a group, equities analysts anticipate that Norfolk Southern Co. will post 11.82 earnings per share for the current year.

Norfolk Southern Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, November 20th. Investors of record on Friday, November 1st were given a dividend of $1.35 per share. The ex-dividend date of this dividend was Friday, November 1st. This represents a $5.40 annualized dividend and a yield of 2.18%. Norfolk Southern’s dividend payout ratio (DPR) is presently 50.70%.

Insider Buying and Selling at Norfolk Southern

In other Norfolk Southern news, Director Sameh Fahmy bought 1,000 shares of the business’s stock in a transaction that occurred on Thursday, October 24th. The stock was purchased at an average price of $255.00 per share, for a total transaction of $255,000.00. Following the completion of the transaction, the director now owns 10,000 shares of the company’s stock, valued at $2,550,000. This trade represents a 11.11 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.19% of the stock is currently owned by corporate insiders.

Norfolk Southern Profile

Norfolk Southern Corporation, together with its subsidiaries, engages in the rail transportation of raw materials, intermediate products, and finished goods in the United States. The company transports agriculture, forest, and consumer products comprising soybeans, wheat, corn, fertilizers, livestock and poultry feed, food products, food oils, flour, sweeteners, ethanol, lumber and wood products, pulp board and paper products, wood fibers, wood pulp, beverages, and canned goods; chemicals consist of sulfur and related chemicals, petroleum products comprising crude oil, chlorine and bleaching compounds, plastics, rubber, industrial chemicals, chemical wastes, sand, and natural gas liquids; metals and construction materials, such as steel, aluminum products, machinery, scrap metals, cement, aggregates, minerals, clay, transportation equipment, and military-related products; and automotive, including finished motor vehicles and automotive parts, as well as coal.